Fagbemi, T. O.Abogun, SegunUadiale, O.M.2023-05-112023-05-112013https://uilspace.unilorin.edu.ng/handle/20.500.12484/10042The business world and the operating environment of firms are becoming fiercer and more challenging by the day. as a result firm are forced to engage in price war in the process of competing with one another and meet up with constant changes in the environment. in order to survive in an environment characterized by constant change, there is the need for effective cost management. This study therefore examines the factors influencing the adoption of contemporary strategic management tools. In order to achieve this, a cross sectional sample survey research design was adopted. A stratified sampling technique was used and the total of 150 copies of questionnaire was administered. Descriptive statistics and regression analysis were used for data analysis. The study concludes that the adoption of contemporary cost management techniques is influenced by globalization, level of product innovation, the need for competitive pricing, failure of traditional costing system and the pressure of competition. The study recommends that since the traditional costing system cannot adequately cope with the ever changing business environment, the contemporary cost management techniques should be adopted by firms.encost management; costing system; costing techniques; globalization; management accountingArticle